1) The cost principle requires that when assets are acquired, they be recorded at __________. 2) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________. 3) The standards and rules that are recognized as a general guide for financial reporting are called __________. 4) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March? 5) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point? 6) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead? 7) What is the preparation of reports for each level of responsibility in the company’s organization chart called? 8) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase? 9) The cost of an asset and its fair market value are __________. 10) Which one of the following is a product cost? 11) What exists when budgeted costs exceed actual results? 12) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals: Income StatementBalance Sheet Dr.Cr.Dr.Cr. Totals$58,000$48,000$34,000$44,000 Closing entries are necessary for __________. 13) Managerial accounting __________. 14) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers? 15) Lekeisha’s income exceeds her expenditures. Lekeisha is a __________. 16) Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________. 17) A production possibilities frontier will be a straight line if __________. 18) In economics, the cost of something is __________. 19) A tax on an imported good is called a __________. 20) Which of the following statements about GDP is correct? 21) In computing GDP, market prices are used to value final goods and services because __________. 22) Which of the following statements about GDP is correct? 23) Which of the following is not correct? 24) The part of the balance of payments account that lists all long-term flows of payments is called the: 25) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________. 26) In general, the longest lag for __________. 27) Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated? 28) Managers will utilize __________ skills with increasing frequency as they rise within an organization. 29) Which of these represent skills that managers need? 30) Building a dynamic organization is another way of describing which function of management? 31) Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true? 32) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is: 33) A manager’s ability to stimulate people to be high performers is referred to as: 34) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is: 35) Japanese manufacturers’ kaizen (continuous improvement) programs enable them to maintain: 36) Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered: 37) The basic components of an effective sexual harassment policy include the following EXCEPT: 38) Teams that operate separately from the regular work structure and exist temporarily are known as: 39) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of: 40) As related to managing of human resources, diversity refers to: 41) __________ is the process of working with people and resources to accomplish organizational goals. 42) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample, the median is _____. 43) Use the following table to answer question: P(S | W) is approximately _____. 44) Use the following table to answer question: P(M A) is approximately _____. 45) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours with a standard deviation of 5.4 hours. In determining the p-value for reporting the study’s findings, which of the following is true? 46) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income. Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with Y = number of robberies in each city (thousands of robberies) and X = size of police force in each city (thousands of police)? 47) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample, which measure of central tendency is least representative of the “typical” student? 48) Likely reasons for inaccurate control limits would include which of the following? 49) You are faced with a linear programming objective function of: Max P = $20X + $30Y and constraints of: 3X + 4Y = 24 (Constraint A) 5X – Y = 18 (Constraint B) You discover that the shadow price for Constraint A is 7.5 and the shadow price for Constraint B is 0. Which of these statements is TRUE? 50) A project has three paths. A–B–C has a length of 25 days. A–D–C has a length of 15 days. Finally, A–E–C has a length of 20 days. Which one of the following statements is TRUE? 51) Which one of the following statements concerning production and staffing plans is best? 52) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for stitching labor was 30 hours, you know that: 53) The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel. 54) When customers access a Web site and make purchases, they generate __________. 55) _____ is the integration of economic, social, cultural, and ecological facets of life, enabled by information. 56) Various organizations that promote fair and responsible use of information systems often develop __________. 57) What is _____ is not necessarily _____. 58) _____ provides users with a view of what is happening, where _____ addresses why it is happening. 59) Computer support is greatest for which of the following problems? 60) The management cockpit best exemplifies which type of system? 61) _____ is the efficient and effective execution of specific tasks. 62) Geocoding is __________. 63) At 8% compounded annually, how long will it take $750 to double? 64) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period? 65) A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10.) 66) Disadvantages of using current liabilities as opposed to long-term debt include: 67) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock? 68) Which of the following is most consistent with the hedging principle in working capital management? 69) An increase in future value can be caused by an increase in the __________. 70) If the quote for a forward exchange contract is greater than the computed price, the forward contract is: 71) Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm’s capital (required rate of return) for each source of financing is as follows: Cost of debt8% Cost of preferred stock12% Cost of common stock16% Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project? 72) Suppose you determine that the NPV of a project is $1,525,855. What does that mean? 73) The common stockholders are most concerned with: 74) PepsiCo calculates unlevered betas for each peer group in order to: 75) Which of the following best represents operating income? 76) In comparison to the buying of final consumers, the purchasing of organizational buyers: 77) The basic objective of the U.S. market-directed economic system is to: 78) Comparing GDP for foreign countries can help a marketing manager evaluate potential markets if the manager remembers that: 79) A firm’s “marketing mix” decision areas would NOT include: 80) __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market. 81) The “four Ps” of a marketing mix are: 82) When evaluating macro-marketing: 83) A cluster analysis of the “toothpaste market” would probably show that: A. the broad product-market can be served effectively with one marketing mix. B. most consumers are mainly concerned about brightness of teeth. C. factors such as taste, price, and “sex appeal” are not important. D. most consumers are concerned about cost. E. different market segments seek different product benefits. 84) Clustering techniques applied to segmenting markets __________. A. usually require computers to group people based on data from market research B. remove the need for managerial judgment C. eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers D. doesn’t apply to demographic data E. is time consuming and expensive 85) The three basic tasks of ALL managers, according to the text, are: A. planning, staffing, and evaluating. B. marketing, production, and finance. C. execution, feedback, and control. D. planning, implementation, and control. E. hiring, training, and compensating. 86) The difference between target marketing and mass marketing is that target marketing: A. means focusing on a small market. B. focuses on short-run objectives, while mass marketing focuses on long-run objectives. C. focuses on specific customers, while mass marketing aims at an entire market. D. aims at increased sales, while mass marketing focuses on increased profits. E. does not rely on e-commerce but mass marketing does. 87) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: A. store location is to sales force selection. B. personal selling is to mass selling. C. production is to marketing. D. branding is to pricing. E. pricing is to promotion. 88) Which of the following statements is not true under the Fair Labor Standards Act? A. Children ages 16 and 17 may work unlimited hours in nonhazardous jobs. B. Persons age 18 or over may work unlimited hours in nonhazardous jobs. C. Children ages 14 and 15 may work limited hours in nonhazardous jobs. D. Children under 14 cannot work at all, except on farms. E. Persons age 18 or over may work unlimited hours in hazardous jobs. 89) Probable cause is most directly associated with which step of the criminal process? A. Plea bargaining B. Arraignment C. Indictment D. Arrest E. Jury deliberations 90) Which of the following statements is generally not true about state intermediate appellate courts? A. The appellate court allows the parties to make oral arguments outlining their position. B. The appellate court allows the parties to introduce new evidence so long as it was not previously introduced at the original trial. C. The appellate court usually allows the parties to file briefs outlining support for their positions. D. The appellate court reviews the record of the trial court. E. Appellate court decisions are final and further appeal is not possible. 91) Which of the following terms need not be disclosed under Truth-in-Lending Act? A. The terms available from competitors. B. The total finance charge. C. The cash price of the product. D. The annual percentage rate (APR). E. Amount of payments. 92) Which of the following activities by an administrative agency requires public notice and participation? A. Substantive rule making and statements of policy only. B. Statements of policy only. C. Substantive rule making and interpretive rule making only. D. Substantive rule making only. E. Substantive rule making, interpretive rule making, and statements of policy. 93) Which of the following is not one of the Caux Round Table Principles for International Business? A. Promotion of Multiculturalism. B. Respect for the Environment. C. Support for Multilateral Trade. D. Avoidance of Illicit Operations. E. Responsibility of Business Beyond Shareholders Toward Stakeholders. 94) The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is: A. The corporate citizenship theory. B. The moral minimum theory. C. The social audit theory. D. The stakeholder interest theory. E. The maximizing profits theory. 95) Which social responsibility theory has been advocated by Novel Prizewinning economist Milton Friedman? A. Corporate citizenship. B. Maximizing profits. C. Corporate social audit. D. Stakeholder interest. E. Moral minimum. 96) Which of the following lists, in descending priority, of sources considered by most courts in settling questions of international law? A. Conventions, treaties, comity, customs B. Treaties, customs, conventions, comity C. Treaties, customs, conventions, comity D. Conventions, comity, customs, general principles of law E. Treaties, customs, general principles of law, judicial decisions and teachings 97) If the value of the collateral is less than the debt owed to the secured party, then: A. The secured party gets to take some other property as collateral so his entire debt is secured. B. The secured party is still secured for the entire debt owed him. C. The secured party is unsecured for the entire debt. D. The secured party loses the excess of debt over the value of the security. E. The secured party is unsecured for the excess of debt over the value of the security. 98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States. 99) Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods? 100) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

3) The standards and rules that are recognized as a general guide for financial reporting are called __________.

4) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

5) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?

6) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?

7) What is the preparation of reports for each level of responsibility in the company’s organization chart called?

8) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

9) The cost of an asset and its fair market value are __________.

10) Which one of the following is a product cost?

11) What exists when budgeted costs exceed actual results?

12) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

Income StatementBalance Sheet

Dr.Cr.Dr.Cr.

Totals$58,000$48,000$34,000$44,000

Closing entries are necessary for __________.

13) Managerial accounting __________.

14) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

15) Lekeisha’s income exceeds her expenditures. Lekeisha is a __________.

16) Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________.

17) A production possibilities frontier will be a straight line if __________.

18) In economics, the cost of something is __________.

19) A tax on an imported good is called a __________.

20) Which of the following statements about GDP is correct?

21) In computing GDP, market prices are used to value final goods and services because __________.

22) Which of the following statements about GDP is correct?

23) Which of the following is not correct?

24) The part of the balance of payments account that lists all long-term flows of payments is called the:

25) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________.

26) In general, the longest lag for __________.

27) Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?

28) Managers will utilize __________ skills with increasing frequency as they rise within an organization.

29) Which of these represent skills that managers need?

30) Building a dynamic organization is another way of describing which function of management?

31) Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true?

32) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:

33) A manager’s ability to stimulate people to be high performers is referred to as:

34) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:

36) Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered:

37) The basic components of an effective sexual harassment policy include the following EXCEPT:

38) Teams that operate separately from the regular work structure and exist temporarily are known as:

39) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:

40) As related to managing of human resources, diversity refers to:

41) __________ is the process of working with people and resources to accomplish organizational goals.

42) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.

For this sample, the median is _____.

43) Use the following table to answer question:

P(S | W) is approximately _____.

44) Use the following table to answer question:

P(M A) is approximately _____.

45) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours with a standard deviation of 5.4 hours.

In determining the p-value for reporting the study’s findings, which of the following is true?

46) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income.

Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with

Y = number of robberies in each city (thousands of robberies) and

X = size of police force in each city (thousands of police)?

47) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.

For this sample, which measure of central tendency is least representative of the “typical” student?

48) Likely reasons for inaccurate control limits would include which of the following?

49) You are faced with a linear programming objective function of:

Max P = $20X + $30Y

and constraints of:

3X + 4Y = 24 (Constraint A)

5X – Y = 18 (Constraint B)

You discover that the shadow price for Constraint A is 7.5 and the shadow price for Constraint B is 0. Which of these statements is TRUE?

50) A project has three paths. A–B–C has a length of 25 days. A–D–C has a length of 15 days. Finally, A–E–C has a length of 20 days. Which one of the following statements is TRUE?

51) Which one of the following statements concerning production and staffing plans is best?

52) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for stitching labor was 30 hours, you know that:

53) The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel.

54) When customers access a Web site and make purchases, they generate __________.

55) _____ is the integration of economic, social, cultural, and ecological facets of life, enabled by information.

56) Various organizations that promote fair and responsible use of information systems often develop __________.

57) What is _____ is not necessarily _____.

58) _____ provides users with a view of what is happening, where _____ addresses why it is happening.

59) Computer support is greatest for which of the following problems?

60) The management cockpit best exemplifies which type of system?

61) _____ is the efficient and effective execution of specific tasks.

62) Geocoding is __________.

63) At 8% compounded annually, how long will it take $750 to double?

64) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period?

65) A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10.)

66) Disadvantages of using current liabilities as opposed to long-term debt include:

67) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock?

68) Which of the following is most consistent with the hedging principle in working capital management?

69) An increase in future value can be caused by an increase in the __________.

70) If the quote for a forward exchange contract is greater than the computed price, the forward contract is:

71) Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm’s capital (required rate of return) for each source of financing is as follows:

Cost of debt8%

Cost of preferred stock12%

Cost of common stock16%

Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project?

72) Suppose you determine that the NPV of a project is $1,525,855. What does that mean?

73) The common stockholders are most concerned with:

74) PepsiCo calculates unlevered betas for each peer group in order to:

75) Which of the following best represents operating income?

76) In comparison to the buying of final consumers, the purchasing of organizational buyers:

77) The basic objective of the U.S. market-directed economic system is to:

78) Comparing GDP for foreign countries can help a marketing manager evaluate potential markets if the manager remembers that:

79) A firm’s “marketing mix” decision areas would NOT include:

80) __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

81) The “four Ps” of a marketing mix are:

82) When evaluating macro-marketing:

83) A cluster analysis of the “toothpaste market” would probably show that:

A. the broad product-market can be served effectively with one marketing mix.

B. most consumers are mainly concerned about brightness of teeth. C. factors such as taste, price, and “sex appeal” are not important. D. most consumers are concerned about cost. E. different market segments seek different product benefits.

84) Clustering techniques applied to segmenting markets __________.

A. usually require computers to group people based on data from market research

B. remove the need for managerial judgment C. eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers

D. doesn’t apply to demographic data E. is time consuming and expensive

85) The three basic tasks of ALL managers, according to the text, are:

97) If the value of the collateral is less than the debt owed to the secured party, then:

A. The secured party gets to take some other property as collateral so his entire debt is secured.

B. The secured party is still secured for the entire debt owed him. C. The secured party is unsecured for the entire debt. D. The secured party loses the excess of debt over the value of the security. E. The secured party is unsecured for the excess of debt over the value of the security.

98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

99) Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

100) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

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